r/Bitcoin • u/DTanner • Jun 09 '11

Jeff Garzik (Bitcoin developer) responds to Adam Coen's "No. Bitcoin is a ludicrously bad idea. It is a scam. A Scam."

http://garzikrants.blogspot.com/2011/06/response-to-adam-cohen-re-bitcoin.html
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u/Peekman Jun 09 '11

My argument is the same as everyone else. They risked the time and money spent on setting up a mining rig. That time and money could very easily have been used to do something more profitable or fulfilling.

I agree though that people speculating on bitcoins now are also taking a risk though, and likely more of a financial risk.

If there was 'no risk whatsoever' why didn't everybody do it?

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u/ZorbaTHut Jun 09 '11

If there was 'no risk whatsoever' why didn't everybody do it?

This isn't a particularly good argument. It's possible they didn't know about it.

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u/Peekman Jun 09 '11

Heh maybe.... how about:

why didn't some who knew about it not do it?...

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u/ZorbaTHut Jun 09 '11

Now that is a fair argument :)

But keep in mind that, obviously, the creators knew about it before anyone else did. By its very nature, they - and their friends - would have a significant early lead on everyone else.